Excel 2016 cells formulas not updating
If you prefer keyboard shortcuts, you can recalculate by pressing the F9 key.
Manual recalculation is useful when you have a large spreadsheet that takes several minutes to recalculate.
An external link formula shows the full path to the source if that workbook is closed, otherwise it shows only the workbook name in the path.
For more information, see the MS article ‘Create an external reference (link) to a cell range in another workbook’ You can link to cell addresses or names; obviously named ranges are safer because addresses can be affected by insertions or deletions in the source worksheet.
https://support.microsoft.com/en-us/kb/289150 Macros: Data can be read and written by VBA code with Workbooks. Worksheet shapes can contain links to macros in other workbooks, so clicking them may cause Excel to attempt to open those other workbooks.
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If it is automatic then it is refreshed live in Excel as soon as the source document is changed, even without saving the document.
You can link to text files (eg CSV), other workbooks, databases, and web pages.